Another Tower, ‘The Hub,’ Slated for Downtown Brooklyn

Today the Journal brings news about how developer Doug Steiner (of Steiner Studios and 80 Met fame) is planning a very large residential development at Schermerhorn and Flatbush in Downtown Brooklyn. The rental, which is being called “The Hub,” is supposed to rise 52 stories and have around 720 units, 20 percent of which will likely be affordable under the 80-20 program. Steiner tells the paper he’s hoping to break ground by early next year and that market-rate rents would be in the $40- to $50-a-foot range, so “a 1,000-square-foot apartment would rent for $3,333 to $4,166 a month.” Steiner bought most of the lots where he’s planning to build the tower for $30 million late last year; the properties that currently exist on the land are mostly nondescript commercial buildings. The rendering of the project at right, courtesy of Dattner Architects, also shows the 50,000 square feet of retail planned at the base. The entire project will cost around $325 million to $350 million.Brooklyn’s Shifting Center [Wall Street Journal]